In 2021, a new tax provision was introduced in the United States aimed at promoting economic recovery and providing relief to individuals affected by the COVID-19 pandemic. What is the name of this provision, and how much is its total worth?

Joke Of The Day

The Internal Revenue Service (IRS) has announced that the 2024 tax season will officially begin on January 29, 2024.

taxpayers can start preparing their taxes ahead of time using software companies or tax professionals.

The IRS Free File service will also be available on IRS.

gov starting January 12.

The IRS expects to receive over 128.7 million individual tax returns by the April 15, 2024 deadline.

The IRS has implemented various changes and improvements to enhance services to taxpayers.

These include expanded in-person service through Taxpayer Assistance Centers (TACs) with extended hours, increased help on the toll-free line to reduce wait times, and improvements to the Where's My refund?

tool for more detailed refund status updates.

Paperless processing has been enhanced, allowing taxpayers to submit all correspondence digitally, and an online account has been introduced for easy access to various IRS services.

taxpayers can also participate in the Direct File pilot program, which allows eligible individuals to file their federal tax returns directly with the IRS online, free of charge.

The IRS encourages taxpayers to gather all the necessary information and file electronically with direct deposit for faster refunds.

The IRS Free File service opens on January 12, offering free tax filing options for eligible taxpayers.

Most refunds are issued within 21 days, but some returns may require additional review.

The IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February due to the PATH Act.

taxpayers can check their refund status using the Where's My refund?

tool on IRS.

gov or the IRS2Go app.

taxpayers can access various online tools and resources on IRS.

gov, including the IRS Individual Online Account, the Interactive Tax Assistant, the IRS Directory of Federal Tax Return Preparers with Credentials, and free tax help by IRS certified volunteers through the VITA and TCE programs.

Military members and some veterans can utilize the MilTax program for free tax preparation.

Important dates for the 2024 filing season include January 16 for fourth quarter estimated tax payments, January 26 for Earned Income Tax Credit Awareness Day, and April 15 as the due date for most taxpayers.

Maine and Massachusetts taxpayers have until April 17 to file.

Extension filers have until October 15 to submit their tax returns.

Interesting Facts

Q/A Questions

Q: Is there a deadline extension for filing my taxes this year?

A: Yes, due to the ongoing pandemic, the IRS has extended the deadline for filing individual tax returns to May 17, 2021.

Q: Can I claim deductions for home office expenses if I'm self-employed?

A: Yes, self-employed individuals can typically claim deductions for home office expenses, but the rules and documentation requirements may vary. It's advisable to consult a tax professional or refer to IRS guidelines for specific details applicable to your situation.

Q: Is the child tax credit increasing this year?

A: Yes, under the American Rescue Plan Act, the child tax credit has been temporarily expanded for the 2021 tax year. Eligible taxpayers may receive an increased credit of up to $3,600 per child under the age of 6, and up to $3,000 per child aged 6-17.

Secret Little Hack

Tip of The Day

The tax provision introduced in 2021 for COVID-19 relief in the United States is known as the American Rescue Plan Act (ARPA), and its total worth is $1.9 trillion.